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Question
The cost of complying with regulation
A) shifts the ATC curve upward.
B) shifts the MC curve downward.
C) shifts the demand curve to the right.
D) increases the productsʹ price elasticity of demand.
Answer
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Suppose that during a given time period the implicit cost for a business was $1,500 and that the explicit cost was $6,000. Also suppose that the firm sold 1,000 units of its products at $7 per item. We can conclude that the firmʹsA) accounting profit was $1,000, and its economic profit was -$500. B) accounting and economic profits were both $1000.C) accounting profit was -$500, and economic profit was $1,000. D) accounting profit was $1000, and economic profit was -$1,500.
Q:
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Why?
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